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Probably when you have a 660 to 720 credit score. 589 is a poor FICO score. Please read the articles here to educate yourself. You're paying a tremendous amount of interest, which is due to your poor credit score.

I didn't particullarly like your response to ButterBee1976's question. Yes he is paying a tremendous amout of interest and yes his score was 589 but,......if the rest of his credit history is improving, especially his Credit Card payment history, why should he suffer needlessly by paying a high interest rate for an auto loan? I have a similar problem and my credit report is improving however,.....I cannot for the life of me see paying all that extra interest on an auto loan that can be reduced by refinancing. If he hasn't improved his score, he most likely won't get someone to refinance his auto anyway. You're talking a 71 to 131 point increase in his credit score which is highly unlikely to happen until he has had the auto for 2 or 3 years as well as done everything else right in his credit report. I'm sure he can refy by just making consistent payments and not missing any payments on anything he has. Missing payments and derogatory remarks are what really keep your score low. Consistency is key here! Just saying........

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